Varex Imaging Corp (VREX) fair value: what the stock is really worth
As of Sep 22, 2026: fair value of Varex Imaging Corp $4.09, price $18.48, upside -77.9%, quality 48 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.
How to read this chart
60‑month range $6.88 – $32.41 · fair‑value band $2.27 – $6.10 · the $18.48 price screens above the $4.09 fair value. Dashed = 300-day average. As of Sep 23, 2026.
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Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. It operates through two segments, Medical and Industrial.
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Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. It operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. This segment's products are used in a range of applications, including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells, and services Linatron X-ray linear accelerators, non-intrusive cargo inspection systems, X-ray tubes, digital detectors, high voltage connectors, and coolers for use in security and inspection applications, such as baggage screening at airports, cargo screening at ports and borders, and nondestructive testing, irradiation, and inspection in various applications. It sells its products through imaging system original equipment manufacturers, independent service companies, and distributors, as well as directly to end-users. The company has operations in North America, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia. The company was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
Stock analysis
Varex Imaging Corp (VREX) currently trades at $18.48, while our model-based Fair Value estimate is $4.09, implying the stock looks roughly 351.9% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of $7.51 per share, and 0 of the 7 models we run sit above the $18.48 price.
Bear case: the Multiples group reads lowest at $0.5600, and 7 of the 7 models stay below the price. Evidence for this calculation is medium.
Scenario range: $2.27 (bear) to $6.10 (bull), the price of $18.48 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 48/100 (below-average quality), in the Healthcare sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Varex Imaging Corp reported revenue of $845M in FY2025 versus $818M in FY2021, a compound +0.8%/yr. Reported net income was −$70.3M in FY2025.
Key figures
Market cap $765M · P/S ratio 0.51 · EPS (TTM) $−2.00 · Net margin −8.3% · Return on equity −15.7% · Return on assets (EBIT) 4.0% · Operating margin 6.7% · Revenue (TTM) $858M.
What moves the price
The share trades near its 52-week high and 173% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Healthcare peers we cover trades at 5% fair-value upside, at −78%, VREX screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely ($0.5600 to $7.51). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear $2.27Fair Value $4.09Bull $6.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.35/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+4.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.7%
Start year 2020 (pandemic). Over 10 years: +2.9% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
−4.6% (2020) → −3.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+31.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.5%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +28.4% a year for the price and +1.1% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Medical Devices · 361 stocks
Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score48 · Below median
Fair Value upside−78% · Bottom 25%
Profitability
Return on assets3% · Above median
Net margin (TTM)−10% · Below median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth2% · Below median
Balance sheet
Debt / equity0.77× · Highest 25%
Valuation Multiplesvs Medical Devices median · lower = cheaper
P/B1.62× · Cheaper than median
P/S (TTM)0.89× · Cheaper than median
P/FCF40.7× · Priciest 25%
EV/EBITDA11.0× · Cheaper than median
PEG6.30× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 3
FUTURE (revenue growth)8· sector 30
PAST (return on equity)0· sector 5
HEALTH (low debt)61· sector 97
DIVIDEND (yield)0· sector 38
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Varex Imaging Corp (VREX) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $4.09 versus a price of $18.48, about −78% upside (overvalued).
What is the fair value of VREX?
Our model-based fair value for Varex Imaging Corp is $4.09 (as of Sep 23, 2026), built from audited fundamentals. The current price: $18.48.
What is the quality score of VREX?
Varex Imaging Corp has a Quality Score of 48/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Varex Imaging Corp (VREX)?
Our model-based price target is the fair value of $4.09 (as of Sep 23, 2026) from 7 valuation models. Cautious scenario $2.27, optimistic scenario $6.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Varex Imaging Corp stock forecast for 2026?
Our models put fair value at $4.09, about −78% upside versus a price of $18.48 (overvalued). Cautious scenario $2.27, optimistic scenario $6.10. The calculation is refreshed regularly with new filings.
What is the revenue of Varex Imaging Corp (VREX)?
Varex Imaging Corp reported trailing-twelve-month revenue of about $858M (latest available figure, as of Sep 23, 2026).
What growth is priced into Varex Imaging Corp (VREX)?
For today's price to be fair in a discounted-cash-flow model, Varex Imaging Corp would have to grow free cash flow by +31.4 % per year for five years (discount rate 11.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +2.7 % per year. As of Sep 23, 2026.
What discount rate (WACC) does the fair value of VREX use?
Our models discount Varex Imaging Corp at 11.0 %: a base by market capitalisation (small), damped by beta 0.90, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Varex Imaging Corp that is +31.4 % per year a year over ten years, using the same discount rate (11.0 %) and the same formula as our fair value.
How much growth has Varex Imaging Corp (VREX) delivered so far?
Over the past 5 years revenue at Varex Imaging Corp grew +2.7 % a year. The price currently implies +31.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Varex Imaging Corp (VREX) growing?
The median revenue growth in the sector is +4.1 % a year. That is the yardstick for the growth priced into Varex Imaging Corp (+31.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Varex Imaging Corp (VREX)?
The free-cash-flow yield on the price is 2.46 %: that much free cash flow Varex Imaging Corp produces per unit of market value. When it exceeds the discount rate of our models (11.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Varex Imaging Corp (VREX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Varex Imaging Corp it is $4.09 per share (as of Sep 23, 2026), against a price of $18.48. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Varex Imaging Corp stock overvalued or undervalued in 2026?
As of Sep 23, 2026, VREX trades above its calculated fair value: price $18.48, fair value $4.09, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of VREX?
No. The price is what the market pays today ($18.48); the fair value is what the company's own numbers justify ($4.09). For Varex Imaging Corp the two are $14.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Varex Imaging Corp worth?
The market values Varex Imaging Corp at about $765M (market capitalisation, as of Sep 23, 2026). Per share that is $18.48; our models calculate a fair value of $4.09 per share.
What do the bullish and bearish scenarios say about VREX?
Our models span a range for Varex Imaging Corp: cautious scenario $2.27, base $4.09, optimistic $6.10 per share (as of Sep 23, 2026, price $18.48). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of VREX?
The PEG ratio of Varex Imaging Corp is 6.30 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Varex Imaging Corp (VREX)?
Balance-sheet figures for Varex Imaging Corp (as of Sep 23, 2026): return on equity −15.7%, debt of 0.77 per unit of equity. They feed the Quality Score of 48/100, which measures business quality independently of the share price.
How far is VREX from its 52-week high?
Varex Imaging Corp trades at $18.48, about 27% below its 52-week high of $14.57 and 173% above the low of $6.76 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $4.09 is for.
Which stocks are comparable to Varex Imaging Corp?
From the same area (Healthcare) we also value Abbott Laboratories,, Stryker Corporation, Medtronic plc, Boston Scientific Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Varex Imaging Corp stock attractive at the current price?
The data as of Sep 23, 2026: price $18.48, calculated fair value $4.09 (−78%), Quality Score 48/100, from 7 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of VREX calculated?
We run Varex Imaging Corp through 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $4.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Varex Imaging Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Varex Imaging Corp (VREX)?
The closing price on Sep 22, 2026 was $18.48. Our model-based fair value is $4.09, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Varex Imaging Corp right now?
The price sits above even our optimistic bull case ($6.10). The favourable scenario is already priced in. The model range is unusually wide ($2.27 to $6.10). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (48/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Varex Imaging Corp
How large is the market capitalisation of Varex Imaging Corp (VREX)?
The market capitalisation of Varex Imaging Corp is $765M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Varex Imaging Corp (VREX)?
The price-to-sales ratio of Varex Imaging Corp is 0.51 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Varex Imaging Corp (VREX)?
Earnings per share at Varex Imaging Corp are $−2.00. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Varex Imaging Corp (VREX)?
The net margin of Varex Imaging Corp is −8.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Varex Imaging Corp (VREX)?
The return on equity (ROE) of Varex Imaging Corp is −15.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Varex Imaging Corp (VREX)?
On an EBIT basis the return on assets of Varex Imaging Corp is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Varex Imaging Corp (VREX)?
The operating margin of Varex Imaging Corp is 6.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Varex Imaging Corp (VREX)?
Revenue at Varex Imaging Corp is growing +1.5% versus a year earlier (3y avg −0.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Varex Imaging Corp (VREX)?
Earnings per share at Varex Imaging Corp are growing +453% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Varex Imaging Corp (VREX) carry?
The net debt of Varex Imaging Corp is $257M (fiscal year 2025, ≈ 13.7 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Sep 23, 2026